The ruling Democratic Party(DP) says it will pass a law this month that will provide the legal basis for follow-up measures to the South Korea-U.S. tariff agreement. 

DP floor leader Kim Byung-kee unveiled the decision on Wednesday during a meeting of the party’s Supreme Council, vowing that the party would support the government’s diplomatic achievements with institutional frameworks and budget. 

The DP also plans to establish a committee, led by Kim, to support follow-up measures to Seoul and Washington's recent tariff negotiations.

Under the tariff agreement, Seoul will provide Washington with 20 billion U.S. dollars in cash over ten years. In allocating the funds, the government had said it would utilize profits from managing the foreign exchange reserve, which would require new legislation. 

The DP maintains that the tariff agreement does not require parliamentary ratification because it is not an official treaty but rather a memorandum of understanding based on mutual trust.